London's City financial district where UK-based Lloyds Banking Group resides. Photo: AP

Lloyds got licked.

UK-based Lloyds Banking Group paid $370 million in fines to US and British prosecutors to settle allegations it committed wire fraud in rigging interest rates.

The penalty is smaller than those levied against Barclays and UBS.

Lloyds traders adjusted the rates for Libor, an interest rate used to set the cost of borrowing for everything from mortgages to student loans, in order to benefit the bank, clients, and even other banks for more than three years through 2009, according to the UK’s Financial Conduct Authority.

The bank didn’t admit or deny guilt in paying the fines.

Five banks and nine people have been charged with rigging Libor.

Barclays paid $451 million in fines and its CEO Robert Diamond resigned, prompting the bank to shed some risky units. UBS paid $1.5 billion, a stiffer fine because its scam went on longer.